Bank fraud: CBI registers case against Morena-based firm, others
Aug 22, 2020
Morena (Madhya Pradesh) [India], August 22 : The Central Bureau of Investigation (CBI) on Saturday registered a case against a private company KS Oils Limited based at Jiwaji Ganj in Madhya Pradesh's Morena, and others in connection with a bank fraud case.
The case has been registered on a complaint from SBI regarding bank fraud of approximately Rs 938.81 crores against the borrower company and its Managing Director, Promoter/Director among others.
The CBI said that it was alleged that the findings of the forensic audit indicated that the financials of the company while applying for loan facilities were inflated.
"It was further alleged that the loan amount was misappropriated through fraudulent diversion," the CBI stated in a press release.
Searches are being conducted in Morena and Delhi at the premises of the accused on Saturday, the CBI added.
An investigation is underway.
